Casino operator Las Vegas Sands Corp (LVS) says the expansion project for its existing Marina Bay Sands (MBS) casino complex in Singapore is now expected to be completed only by June 2030, with an anticipated opening date in January 2031. Just last month, the company had affirmed in a revised agreement with the Singapore authorities plans for project completion by July 2029.
In January, Las Vegas Sands announced an agreement between the property’s operator – its subsidiary Marina Bay Sands Pte Ltd – and the Singapore Tourism Board, allowing the firm to increase the overall gaming area allocation for the expansion project, among other amendments. In return, Las Vegas Sands agreed to pay US$1 billion to the Singaporean authorities.
The January supplemental agreement – following a first supplemental agreement signed between the Las Vegas Sands group and the Singapore Tourism Board in March 2023 – also reaffirmed that the firm would commence construction of the expansion project by July 8 this year, with completion set for July 8, 2029. The revised dates were announced in April last year.
“Our current estimate is that construction will be complete by June 2030, with an anticipated opening date in January 2031,” stated Las Vegas Sands in its annual report for 2024, filed with the New York Stock Exchange on Friday.
The firm, however, emphasised that “any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.”
The casino group had committed in 2019 to the city-state’s authorities to invest at least SGD4.5 billion (US$3.3 billion) on expansion of the property. Since then, the company received a number of deadline extensions regarding the start of the property’s expansion.
Meanwhile, Las Vegas Sands said it expected the first payment part of the US$1 billion it agreed to pay the Singaporean authorities in return for changes to the expansion project, to be due in the second quarter of this year.
The company added that the remaining amount would be due in 2026.
Las Vegas Sands stated in the annual report that the group had “incurred approximately US$1.36 billion” in expenses related to the expansion project for Marina Bay Sands as of the end of 2024. That figure includes the US$963-million upfront premium payment made in 2019 for the lease of the parcels of land underlying the Marina Bay Sands development project site.
Las Vegas Sands had stated in October last year that it planned to invest US$8.0 billion in developing the second phase of the Marina Bay Sands complex.
That investment already included US$2.0 billion in total land premiums and an estimated US$4.7 billion in design, construction, and other related costs. Pre-opening and financing costs were at the time estimated at US$1.3 billion.
The new phase – dubbed “MBS IR2” (standing for ‘integrated resort’) – will feature a fourth tower (pictured left in a rendering) with over 570 rooms, additional casino space, a 15,000-seat arena, a sky roof, retail outlets, restaurants, and space for meetings and exhibitions.
